1914. 
TH ED RURAL, NR W-YORKER 
725 
LAND BANK OF THE STATE OF NEW YORK 
System of Mortgage Credits Explained. 
Part III. 
ADVANTAGES SHOWN.—It will he seen that 
every opportunity is offered in these associations for the 
accommodation of people who wish to save or invest 
money in large or small amounts. They afford every 
advantage of the savings bank with none of the savings 
bank’s faults. They are equally as safe. They pay a 
better rate of income. The deposits begin to earn in¬ 
come sooner on an average and there is less loss of in¬ 
come from withdrawals. The money is in the control 
of the men who earn it and save it. They learn how 
to use it and control it; and it is used for their own 
business and profit. There is little or no expense in 
the management of it. The work of the officers is 
mainly gratuitous. With the savings banks there is a 
heavy expense of management which comes out of the 
earnings of the depositors. The money of the savings 
bank is either invested in speculative building enter¬ 
prises or in bonds or stocks, but it is not invested in 
the small mortgages of the frugal people who worked 
for it and saved it. The savings banks perform a legi¬ 
timate service in safeguarding the savings of the poor, 
but they do not compare in efficiency with the savings 
and loan associations, either in profits on savings or in 
loans to their own patrons. 
LIMIT OF INVESTMENT—The accumulations of 
payments on shares, interest and amortization payments 
on mortgages constitute the capital of the savings and 
loan associations. They may borrow limited amounts, 
and when they have a surplus not needed by their own 
members, they may invest in certain standard securities, 
but their exclusive business is to loan on first mort¬ 
gages on real estate to their own members. They can 
loan to members only or to other associations. 
ADVANTAGES SHOWN.—Heretofore the money 
paid in by the members was all the funds available for 
loaning to members on mortgages. If the funds were 
short, the borrowing member simply had to wait until 
the payments accumulated. In cities and towns where 
there were many members who wanted to save and 
comparatively few borrowers, the plan worked all right; 
but where there was more demand for loans than there 
was money to supply them the result could not be 
entirely satisfactory. That was the reason the sav¬ 
ings and loan association could not entirely supply farm 
needs as it was heretofore organized. Some associa¬ 
tions in towns had more money than they needed for 
their urban members. These took neighboring farmers 
in as members, and made loans to them; but the 
farmers of a neighborhood could not organize an asso¬ 
ciation of their own and depend on its funds to fin¬ 
ance their mortgages. It would take too long to ac¬ 
cumulate funds enough to go around. The need was 
that money should be available at any and all times 
to take up a mortgage just when the land owner wanted 
it. This requirement will now be supplied through 
the Land Bank. 
THE LAND BANK.—The law authorizing the or¬ 
ganization of the Land Bank of the State of New York 
was indorsed by Governor Glynn and passed both 
branches of the Legislature in the session of 1914. It 
was promptly signed by the Governor, and is now a 
law, and plans are under way to organize the bank. 
ITS POWERS.—This Land Bank of the State of 
New York will be located in the city of New York. It 
will be organized by the Savings and Loan Asso¬ 
ciation, and owned exclusively by them. Of course each 
member of a Savings and Loan Association will actually 
own his share of the Land Bank through his share of 
the local association. No local association will be 
obliged to become a member of the Land Bank. It may 
become a member or not as its members prefer, but 
just as a person must be a member of the local associa¬ 
tion to get a mortgage from it, so the local association 
must be a member of the Land Bank in order to ben¬ 
efit from it. The local association will become a mem¬ 
ber of the Land Bank by taking one or more shares 
in the Land Bank, and the local association will then 
be entitled to all the benefits of the Land Bank. 
THE BANK’S ORGANIZATION.—The Land Bank 
will be organized in the following manner: When 10 or 
more local associations signify their intention of becom¬ 
ing members of the Laud Bank a meeting will be held 
of such members, a charter and by-laws will be pre¬ 
pared. These will be submitted to the Superintendent 
of Banks, lie will approve them, and issue a certificate 
of authority to open up for business. The 10 or more 
local associations will then receive their certificate of 
shares in the Land Bank, and pay in $1,000 for each 
share. Directors and officers will then be elected and 
the Land Bank will be ready for business. It will 
have the money received for shares as capital to loan 
on real estate mortgages. It will also have the auth¬ 
ority under regulations of the State to sell Land Bonds. 
These bonds will be secured by the first mortgages on 
real estate and an officer of the State will see that 
each bond sold is secured by such a first mortgage on 
real estate. This provision will make the Land Bank 
bonds one of the safest forms of security in the coun¬ 
try, and the bonds should sell for as low a rate of in¬ 
terest as most municipal or State bonds. 
SUBSCRIPTIONS TO BANK SHARES.—The lo¬ 
cal association now formed and doing business with 
resources amounting to $10,000 is in a position to sub¬ 
scribe for one share in the Land Bank, and pay $1,000 
for it. New local associations will have two methods 
open to this. They may organize and go on doing 
business and accumulating assets until each has re¬ 
sources of $10,000; and then subscribe to one share in 
the I,and Bank. In some sections this method may be 
a little too slow for the members of the local as¬ 
sociation. They may want mortgage money at once, 
and several members may want to place mortgages at 
once. The new association would not have the money 
in sufficient volume to make the loans promptly. In 
that case the mortgages could be prepared and exe¬ 
cuted to the local association. These mortgages would 
then be assigned to the Land Bank, and the local as¬ 
sociation would receive in return one one-thousand- 
dollar share in the Land Bank and the balance in cash, 
which would go to the local members who executed the 
mortgages. When the local association has once se¬ 
cured membership in the Land Bank it need then never 
be short of funds to finance the mortgages of its mem¬ 
bers. Of course, it would use its own money first, if 
it had the funds, but if it were short at any time, the 
borrowing member would execute his mortgage to his 
own local association. The mortgage will then be as¬ 
signed to the Land Bank, and placed in the custody of 
the Comptroller of the .State. The money for the mort¬ 
gage would be sent from the Land Bank to the local 
association and handed over to the farmer or home- 
owner who executed the mortgage. This may go on in¬ 
definitely because the Land Bank is authorized to sell 
bonds as fast as the mortgages are received. The 
amount of bonds it can sell is limited only by its capi¬ 
tal and the mortgages assigned to it. J. J. D. 
Farmers’ Transportation Association. 
A farmers’ meeting held May 1, at Burlington, N. 
J., developed into a permanent organization known as 
the Farmers’ Transportation Association, with \V. T. 
Copyright by American Poultry Association. 
THE IDEAL WHITE WYANDOTTE HEN. 
( Reproduced by special permission from *The Standard of 
Perfection. ) 
Baggs, Beverly, N. .T., president, L. A. Page, Palmyra, 
N. J., secretary, and with an executive committee of 
35 up-to-date men, each representing a shipping section. 
The primary object of this association is to bring about 
an improvement in rail transportation facilities for the 
handling of fruit and produce from the river front sec¬ 
tion of Burlington County, especially for the markets 
of Newark and New York. Late deliveries of the 
Pennsylvania Railroad Company and the Adams Ex¬ 
press Company mean losses of thousands of dollars each 
season to the shippers on account of late arrivals at 
the destination. The growers have banded together in 
this move for a protection to their interests, and are 
hopeful of bringing better conditions about. Lack of 
railroad competition through this section, which is one 
of the very best for farm truck in the State, has been 
the cause of long and continued unsatisfactory service. 
Pressure will be brought to bear from every known 
source to give the shippers in that section the service 
they are entitled to, and which they are compelled to 
pay for. 
New York State News. 
CLAIMS AGAINST THE STATE.—The work of 
disposing of claims against the State is* being pursued 
vigorously by the Attorney General. During the first 
four months of this year 157 cases have been tried in¬ 
volving claims to the amount of $2,015,490.84 and dur¬ 
ing the same time 411 actions were dismissed, the dam¬ 
ages aggregating $1,077,580.72. It is believed that 
this record has never before been equalled. 
HUDSON VALLEY FRUIT.—The present pros¬ 
pects are that the apple crop in the Hudson River 
Valley will exceed that of last year. It is said that n 
large number of new trees are coming into bearing this 
year and that old orchards have been better cared for 
than previously. The outlook for pears is good. The 
Germantown Fruit Growers’ association is looking to 
do a large business this year, and expects to build up 
a large f. o. b. business in addition to acting as a 
purchasing agency for the members. Strawberry grow¬ 
ers expect a normal crop. 
RURAL SCHOOL DAY.—The Department of Edu¬ 
cation is behind an effort to create a larger interest 
among people in their local schools. It is proposed to 
appoint some day next Fall on recommendation, or with 
the cooperation of the Governor, when the people of 
the State shall meet in their respective schoolhouses to 
discuss any matters that pertain to school interests, 
and collectively to consider the needs, opportunities and 
conditions of their schools. It is planned to have tin- 
annual university convocation on the same day, and 
thus emphasize the solidarity of the educational in¬ 
terests of the State. It is all a part of a plan of Com¬ 
missioner Finley to bring the University of the State of 
New York into closer touch with the educational forces 
of the State at large. 
A GRANGE EXCHANGE.—The Suffolk County 
Pomona Grange, representing the combined interests of 
the 13 Subordinate Granges in the county, has estab¬ 
lished a Bureau of Information and Markets—the ob¬ 
ject of which bureau is not only to help the farmers 
find satisfactory markets, but also give them assistance 
regarding prices and supplies on given markets, and 
help them arrive at the most approved methods in sort¬ 
ing, grading, packing and shipping. The markets un¬ 
sought with the ultimate consumer—private families, 
boarding houses, restaurants, clubs, hotels and co¬ 
operative buying and selling societies, organized in many 
places. Only A1 produce is to be shipped, and by rea¬ 
son of the great number of farmers on Long Island co¬ 
operating, all orders received, regardless of size, can 
readily be filled to the entire satisfaction of the pur¬ 
chaser. This bureau also maintains what is termed 
a “Farmers’ Exchange” for helping farmers in om- 
community to find supplies or sell supplies to those in 
another district. 
THE LEGISLATURE.—The extraordinary session 
of the Legislature is on. Just whether it will get any¬ 
where on the appropriation bills can be better told 
later. There is something more than a rumor that each 
party will set their stakes and stand by them and they 
will not be set in the same place. The Governor is 
said to have an appropriation bill for consideration 
which totals about $000,000 less than either of the 
bills offered by the Senate and Assembly at the regular 
session. He has also drawn tentatively a supply bill 
which is said to represent a still greater saving than 
$600,000 over any supply bill submitted to the Legisla¬ 
ture at the last session. It is likely that if the Senate and 
Assembly bills appear as economical to the Governor as 
these he has drawn his will never see the light. The 
Governor’s appropriation bill leaves the offices of the 
Department of Efficiency and State Fire Marshal intact. 
Aud it is said not to interfere with any official. 
J. w. D. 
Government Crop Report. 
According to the Bureau of Statistics the outlook 
for Winter wheat is unusually favorable. The plant 
has wintered in good condition and but little trouble 
from insects and disease is reported. Present estimates, 
95.9 per cent, would indicate a yield of 630,000,001) 
bushels, or 107,000.000 in excess of last year. 
The condition of Winter rye is 93.4 per cent, of 
normal, two per cent, about last year. 
Meadows promise 2.4 per cent, better than last year. 
The stock of hay on farms May 1 was estimated at 
7,832.000 tons, compared with 10.828,000 tons last year. 
The total area reported in Winter wheat at present 
is 35,387,000 acres. About 3.1 per cent, of the Fall 
sowing has been abandoned. Areas in some of the 
principal Winter wheat States are as follows: Kan¬ 
sas. 7.950,000 acres; Nebraska, 3.123,000; Illinois. 2,- 
576.000; Missouri, 2.549,000; Indiana. 2,485.000: Ok¬ 
lahoma, 2.465.000; Ohio, 2.090.000; Pennsylvania. 1,- 
312.000; Washington. 1.201,000: Texas,' 1.082,000. 
Those above 500.000 acres are: Michigan, Kentucky. 
Tennessee, Maryland, Virginia, North Carolina and 
Oregon. 
A DRAINAGE FIELD MEETING will be held at 
Webster. Monroe County. N. Y., May 23, in which tin- 
latest models of several types of ditching machines will 
be in use. The meeting will be held under the joint 
auspices of the Monroe County Farm Bureau, the State 
College of Agriculture and the New York State Drain¬ 
age Association. The area selected is representative of 
soil conditions in much of Western New York, and the 
complete system of drainage for the area will be shown 
on maps, and the reason for its arrangements will be 
explained by experts in attendance. The machines in 
operation will be the Buckeye traction ditcher, the Cy¬ 
clone ditching plow and one or more types of small 
ditching plow. Hand tools for ditching will also be on 
exhibition. Methods of taking levels will be shown. 
Samples of tile will be on exhibition and methods of 
laying and of protecting joints will be explained. The 
demonstration is reached by the Rochester and Sodus 
trolley line and also by the R. W. and O. Branch of 
the New York Central. e. o. fippin. 
CORNELL FORESTRY SCHOOL.—'The Depart¬ 
ment of Forestry at the New York State College of 
Agriculture at Cornell University has just moved into 
its new building, and the program for the opening, 
which is to take place ou May 15. includes addresses 
by many men prominent in State and federal work. 
At the morning session, former director L. II. Bailey 
will speak on “The Forest” and W. II. Vary. Master 
New York State Grange, will discuss the possibilities of 
our farm woodlots. The afternoon and evening of May 
15 will be devoted to a discussion of the lines of prin¬ 
cipal effort in American Forestry for the next decade. 
Professor J. W. Tourney, director of the Yale Forest 
School, will speak on the education side of this ques¬ 
tion. while practical problems and the duty of making 
public opinion effective will be discussed by F. L. Moore, 
President, Empire State Forest Products Association. 
President II. S. Drinker of Lehigh University, and J. 
S. Whipple, President, New York State Forestry Asso¬ 
ciation. The problems confronting the National For¬ 
est Service, and its work in solving them, will be the 
theme of II. S. Graves. Forester of the U. S. Depart¬ 
ment of Agriculture. Gifford PLnchot. President Na¬ 
tional Conservation Association, will discuss the lines 
of principal effort of that association during the next 
10 years in the national movement for rational use of 
our great natural resources. The work of forestry in 
the States of the East, will be the topic of Mr. Alfred 
Gaskill. State Forester of New Jersey, on Saturday. 
May 16. at an open meeting of the Society of Ameri¬ 
can Foresters. 
